A case in point is French Bank Credit Agricole. Despite suggests last year that Credit Agricole was moving some of its European government traders to Paris, the French bank still has a lot of its fixed income traders in London and has just strengthened its high yield business in the City with the addition of Karan Anand from ING.

Credit Agricole insides say Anand will be joining in a senior high yield role at the end of August. He came to ING as head of high yield corporate credit trading from Nomura in 2015, and was also given responsibility for managing investment grade credit last year after ING (perversely) moved all its trading jobs from Brussels and Amsterdam to London. At CA, Anand will again focus on high yield.

Anand's imminent arrival at Credit Agricole isn't the only move that appears to defy the implications of Brexit. HSBC has also recruited Claus Mikkelsen from Nordea Markets to work in its London office as head of Nordic FX and fixed income sales. Former Credit Suisse banker Mikkelson joined Nordea in April 2016, at which time he moved to Copenhagen. Now he's coming back to London. "I loved my time in Copenhagen (my home town), but am excited to be back in London where I have spent most of my adult life," Mikkelson says.